Do you wish you had the financial reports you needed to better run your business? Having accurate and up-to-date financial reports is a crucial aspect of managing any business. How else are you going to make informed decisions to grow your business? Long gone are the days of compiling everything, from different systems, into spreadsheets that are outdated by the time they are completed. Acumatica ERP has powerful built-in, real-time reporting tools. Let’s explore reporting in Acumatica.
The Key Components of Financial Reports
General Ledger (GL): The GL is the heart of financial reporting. It’s where you record all financial transactions, categorizing them into accounts. Acumatica’s GL module allows you to define your chart of accounts, set up journal entries, and maintain accurate balances. You want to make sure that your GL is well-organized and reflects your business structure.
Subledgers: Subledgers handle specific financial processes, such as accounts payable (AP) and accounts receivable (AR). In Acumatica, you’ll work with subledgers to manage vendor invoices, customer payments, and other transactional details. Make sure to familiarize yourself with AP and AR workflows to streamline your financial processes.
Financial Reports: Acumatica comes pre-configured with a box full of standard financial reports that you can use right away. To access reports, go to the Financials menu and select Reports and you will see a long list of reports organized into categories like Customer, Vendor, Inventory and Financial. Here are some of the key reports we recommend looking at:
- Balance Sheet: Presents the company’s assets, liabilities, and equity at a specific point in time.
- Income Statement (Profit & Loss): Summarizes revenues, expenses, and net income over a period.
- Trial Balance: Displays balances for every account in your chart of accounts. Watch this short video to learn more.
- AR Aging Summary: Shows accounts receivable aging buckets.
- AP Aging Summary: Shows accounts payable aging buckets.
These standard reports provide a good starting point for monitoring the basic financial performance and health of your business.
Customizing and Modifying Reports
While the out of the box reports are easy and useful, most businesses need a little bit of customization to better meet their business needs. Acumatica makes it easy to tailor reports with their easy interface.
Acumatica has easy drag-and-drop functionality that simplifies the creation and customization of reports, ensuring that the most pertinent information is always at the forefront. Coupled with the ability to pull in information from various sources, you can enhance the accuracy of forecasting and strategic planning. Additionally, reports are accessible via mobile devices, so you have the information you need anywhere, anytime.
For example, users can quickly limit or choose a dataset to use in the report right from any report preview screen. These built-in controls allow you to filter data by specific parameters like date range, customer, location and more to show just the data you want. Parameters vary for each report type.
If you’re looking to make more advanced modifications, you can edit the layout and fields shown in a report. Simply select “Customize” from the report preview to open the customization window. Here you can:
- Add, remove or rearrange columns
- Apply sorting and grouping – watch this short video to learn more.
- Add sub reports
- Add charts or visualizations
- Tweak font, colors and other formatting
- Create multiple report versions
Depending on your reporting needs, customizations and modifications can be from basic to advanced. Want more information? Here are a couple good articles from Acumatica on further customization of reports, with screenshots and instructions.
Acumatica Report Designer: Tips & Tricks Part 1
Acumatica Report Designer: Tips & Tricks Part 2
The customizations you can do within the Acumatica report designer make it possible to adapt reports to match your workflows and reporting requirements without the need for complex development.
“I’m in the finance department and I love the functionality of navigating from a sales order to drilldown directly to the GL that I’m working on or vice versa. It makes it so much simpler to find answers. I’m just scratching the surface on harnessing the data with personalized GI’s, but I’m excited about what I’ve learned at Summit 2024. There is so much data there that I’m just beginning to learn.” – Matt R. Controller of Wholesale
CAL, Your Acumatica Reporting Experts
Many of our clients are fine doing basic filters and some reporting changes, however, if you want to learn more, don’t have the time, or you are not much of a technical person, CAL can help. We have experts on staff that can provide training, knock out your report changes quickly for you, or we can create more complex reports to meet your business requirements.
Print out one of your reports, mark it up with the changes you need, and send it over – then let’s talk. Contact us for more information.
By CAL Business Solutions, Inc., Connecticut Microsoft Dynamics GP / 365 BC & Acumatica Partner, www.calszone.com
